Shoppers get extra time over VAT rise

As most people are already aware the start of this year kicked off with the level of VAT being put back up to its original level of 17.5 percent. The level of VAT was reduced by the government last year from 17.5 percent to 15 percent in the hope that this would help consumers to save money, improve finances, and kick start the economy. However, the measure was a temporary one that has now come to an end, which means that in most places prices will now include VAT at 17.5 percent. Read more

Tags: Taxation, Value added tax, Tax reform, Asda, john lewis

Buyers striving to complete property purchase before end of stamp duty holiday

Many buyers are now said to be rushing to try and complete the purchase of a property before the stamp duty holiday in the UK comes to an end. The stamp duty holiday was brought in last year in a bid to try and kick start the property sector. Read more

Tags: Richard Morea, Alistair Darling, first time buyer, Taxation, Stamp duty in the United Kingdom, stamp duty, london

Bank says there is a “lack of understanding” in offshore banking

Offshore banking suffers in the UK from a “lack of understanding”, NatWest said today.

Traditionally thought of as offering tax benefits and little else, the bank says that offshore banking gives the customer a raft of advantages if they have “international requirements”, and that the service had “changed” over the past decade.

Head of international private banking for NatWest Julian Gouge said that those who retired abroad might have particular reasons to bank offshore, though he admitted that “there is a degree of complexity” to the understanding of the international taxation systems which is necessitated by the service.

“It’s [about] having an understanding of what you’re doing and when you’re going, in the same way that you would medical facilities or whatever before you go overseas” he added.

“Like all the things, the majority of people think it’s probably best to look at these things beforehand, and the tax is no different.

“I think there probably is some nervousness using them, but just because there’s a lack of understanding if anything,” Mr Gouge surmised.

Tags: Banking, Private banking, Taxation, past decade.Head, natwest, Legal entities